In this article, an efficient dual‐band rectenna making use of the newly proposed symmetrical rectifying circuit working at the frequency of 1.8 and 2.45 GHz, is proposed. The proposed dual‐band rectifying circuit is combined with an array of compact wideband planar monopole modified circular slot antenna in order to facilitate the efficient rectenna design. The rectifying circuit employs symmetrical matching network in addition to the symmetrical rectifier thereby facilitating the suppression of the odd order harmonics. This eventually results into the higher output voltage as compared to the conventional rectifier circuits. Moreover, the dual‐band topology of the proposed rectenna increases the overall voltage by harvesting energy from two independent RF sources. The measured results of the fabricated structure show that the maximum RF to dc conversion efficiency of the proposed rectifier circuit reaches up to 70% at 9 dBm input RF power. From application point of view, the proposed rectenna circuit is tested to extract the RF energy from 1.8 GHz cellular and 2.45 GHz Wi‐Fi bands to energize a low‐power LED. The overall rectenna structure is reasonably compact providing good performance, which can potentially be employed for efficient wireless power transmission system.